长江商报消息 ●长江商报记者 张璐 全球钴酸锂龙头企业厦钨新能（688778.SH）交出了一份亮眼的成绩单。 1月27日，厦钨新能发布2025年度业绩快报。数据显示，公司2025年实现营收200.34亿元，同比增幅达47.84%；实 现归母净利润7.55亿元，同比增长41.83%，盈利能力持续优化。 作为国内锂电池正极材料领域的领军企业，厦钨新能此次业绩爆发，不仅终结此前两年因行业周期调整导致的业 绩回调态势，更彰显了其强大的经营韧性。 厦钨新能核心产品表现突出，2025年钴酸锂销量达6.53万吨，同比增长41.31%，动力电池正极材料销量7.74万 吨，同比增长47.83%，多元产品协同发力筑牢增长根基。 此外，长江商报记者注意到，公司深耕主营业务，持续加码研发创新，2021年—2025年前三季度研发费用累计达 25.02亿元，截至2025年上半年，公司在国内外拥有288项注册专利，研发人员达544人，占总人数近15%。 2025年营收超200亿 公开资料显示，厦钨新能为厦门钨业控股子公司，主要从事新能源电池材料的研发、生产和销售，主要产品为钴 酸锂、三元材料、磷酸铁锂、氢能材料等。2021年8月，该公司在 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2026-003 厦门厦钨新能源材料股份有限公司 2025年度业绩快报公告 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.追溯调整或重述的原因说明： （1）截至本报告期末，公司已完成对厦门钨业股份有限公司海沧分公司二次资源制造部相关业务资产 组及厦门钨业股份有限公司所持赣州市豪鹏科技有限公司47%股权的收购交易，将其纳入合并财务报表 范围，该交易构成同一控制下企业合并，对相关财务数据进行追溯调整。 （2）本报告期内，公司因资本公积金转增股本，公司的股份总数从420,771,001股增加至504,691,083 股，根据相关会计准则的规定，按最新股本调整并列报基本每股收益。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度的定期报告为 准。 3.数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务 ...

报告期内，公司作为全球钴酸锂行业的龙头企业，紧抓国家换机补贴政策机遇，并顺应3C消费设备AI 化带来的电池电量升级趋势，推动公司钴酸锂市场份额持续提升，全年实现钴酸锂销量6.53万吨，同比 增长41.31%;在动力领域，公司持续巩固在高电压、高功率三元材料方面的技术实力，同时依托水热法 磷酸铁锂的差异化优势，积极拓展市场，实现动力电池正极材料(包括三元材料、磷酸铁锂及其他)销量 7.74万吨，同比增长47.83%。 厦钨新能(688778.SH)发布2025年度业绩快报，报告期内，公司实现营业收入200.34亿元左右，同比增长 47.84%;实现利润总额8.58亿元左右，同比增长55.77%;实现归属于母公司所有者的净利润7.55亿元左 右，同比增长41.83%;实现归属于母公司所有者的扣除非经常性损益的净利润7.05亿元左右，同比增长 57.85%。 ...

智通财经APP讯，厦钨新能(688778.SH)发布2025年度业绩快报，报告期内，公司实现营业收入200.34亿 元左右，同比增长47.84%;实现利润总额8.58亿元左右，同比增长55.77%;实现归属于母公司所有者的净 利润7.55亿元左右，同比增长41.83%;实现归属于母公司所有者的扣除非经常性损益的净利润7.05亿元左 右，同比增长57.85%。 报告期内，公司作为全球钴酸锂行业的龙头企业，紧抓国家换机补贴政策机遇，并顺应3C消费设备AI 化带来的电池电量升级趋势，推动公司钴酸锂市场份额持续提升，全年实现钴酸锂销量6.53万吨，同比 增长41.31%;在动力领域，公司持续巩固在高电压、高功率三元材料方面的技术实力，同时依托水热法 磷酸铁锂的差异化优势，积极拓展市场，实现动力电池正极材料(包括三元材料、磷酸铁锂及其他)销量 7.74万吨，同比增长47.83%。 ...

人民财讯1月27日电，厦钨新能(688778)1月27日发布2025年度业绩快报，2025年实现营业总收入200.34 亿元，同比增长47.84%；归属于母公司所有者的净利润7.55亿元，同比增长41.83%；基本每股收益1.5 元。报告期内，公司紧抓国家换机补贴政策机遇，并顺应3C消费设备AI化带来的电池电量升级趋势， 推动公司钴酸锂市场份额持续提升，全年实现钴酸锂销量6.53万吨，同比增长41.31%；在动力领域，公 司积极拓展市场，实现动力电池正极材料(包括三元材料、磷酸铁锂及其他)销量7.74万吨，同比增长 47.83%。 ...

报告期内，公司作为全球钴酸锂行业的龙头企业，紧抓国家换机补贴政策机遇，并顺应3C消费设备AI 化带来的电池电量升级趋势，推动公司钴酸锂市场份额持续提升，全年实现钴酸锂销量6.53万吨，同比 增长41.31%；在动力领域，公司持续巩固在高电压、高功率三元材料方面的技术实力，同时依托水热 法磷酸铁锂的差异化优势，积极拓展市场，实现动力电池正极材料（包括三元材料、磷酸铁锂及其他） 销量7.74万吨，同比增长47.83%。 格隆汇1月27日丨厦钨新能(688778.SH)公布2025年度业绩快报，报告期内，公司实现营业收入200.34亿 元左右，同比增长47.84%；实现利润总额8.58亿元左右，同比增长55.77%；实现归属于母公司所有者的 净利润7.55亿元左右，同比增长41.83%；实现归属于母公司所有者的扣除非经常性损益的净利润7.05亿 元左右，同比增长57.85%。 ...

厦钨新能公告称，2025年公司实现营业收入200.34亿元，同比增长47.84%；利润总额8.58亿元，同比增 长55.77%；归属于母公司所有者的净利润7.55亿元，同比增长41.83%；扣非净利润7.05亿元，同比增长 57.85%。报告期末，总资产219.31亿元，较上一年末增长46.36%；归属于母公司的所有者权益91.91亿 元，较上一年末增长3.41%。主要因产品销量同比增长，钴酸锂销量6.53万吨，同比增41.31%；动力电 池正极材料销量7.74万吨，同比增47.83%。上述数据未经审计。 ...

Core Viewpoint - The establishment of the Dongliao Chuanglian New Materials Venture Capital Fund, with a total scale of 94.5 million yuan, aims to support high-quality projects in the new materials sector and contribute to the development of Dongguan's strategic emerging industry cluster [1] Group 1: Fund Overview - The fund is initiated by the People's Government of Liaobu Town, Dongguan Science and Technology Innovation Group, Changlian Technology, and Dongguan Securities [1] - The total scale of the fund is 94.5 million yuan, focusing on the new materials industry [1] Group 2: Investment Focus - The fund will prioritize investments in growth-stage companies with technological barriers and significant market potential [1] - Key investment areas include semiconductor new materials such as photoresists, semiconductor packaging materials, and wafer-level materials; new energy materials like cathode materials for power batteries, separators, and electrolytes; and advanced manufacturing materials such as high-end alloy materials, composite materials, and functional ceramics [1] Group 3: Strategic Context - Dongguan has incorporated the new materials industry into its "7+1" strategic emerging industries, which include new generation information technology, high-end equipment manufacturing, new materials, new energy, biomedicine, energy conservation and environmental protection, and marine economy, with "1" representing future industries [1] - The city is promoting industrial clustering and upgrading through the establishment of guiding funds and supportive policies [1]

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Views of the Report - The fundamentals of each link in the non - ferrous metal industry chain are jointly repaired, and the core indicators of the issuing entities in the non - ferrous metal industry have improved [1][4]. - It is recommended to focus on allocating AA+/AAA - rated central enterprises and regional leading state - owned enterprises, and select entities with relatively superior core financial indicators, and appropriately extend the duration for higher coupon yields [3][56]. - The credit spread of non - ferrous metal industrial bonds has been narrowing, and coupon income may need to be explored in the medium - and long - term of high - quality central and state - owned enterprises [51][52]. 3. Summary by Relevant Catalogs 3.1产业链各环节基本面协同修复 - **Overall Industry Operation**: From January to November 2025, the cumulative year - on - year growth rate of the industrial added value of the non - ferrous metal mining and dressing industry above the national scale was 7.6%, and that of the smelting and rolling processing industry was 7.1%. The output of ten common non - ferrous metals reached 7,447.4 million tons, and the overall operating income scale exceeded 9 trillion yuan, with a cumulative year - on - year increase of 13.3% [5]. - **Upstream Resource Mining**: Central and local state - owned enterprises dominate. China has advantages in rare metals like rare earths but has a high external dependence on strategic minerals. In 2025, the price of non - ferrous metals showed an upward trend, driving the improvement of the operating conditions of upstream mining enterprises [1][8][9]. - **Mid - stream Smelting and Processing**: In January - November 2025, the output of refined copper and electrolytic aluminum increased by 7.0% and 2.4% respectively. The output of deep - processed products was much higher than that of smelting products. There was a structural differentiation in the prosperity, with new - energy metal smelting being a highlight [2][16][22]. - **Downstream Application**: Basic metals are mainly used in traditional industries, while lithium, cobalt, and nickel are used in emerging fields. In 2024, the demand for lithium increased by nearly 30%, and the demand for nickel and cobalt increased by 6% - 8%, with the new - energy industry being the core driving force [23]. 3.2有色金属行业发行主体核心指标改善 - **Profitability**: From Q1 to Q3 in 2025, 36 issuing entities achieved a total operating income of 41,067 billion yuan and a net profit of 2,058 billion yuan, with year - on - year increases of 8.5% and 30.6% respectively. The average ROE was 6.91%, and the average net sales profit margin was 6.04%, both showing significant improvements [4][25]. - **Operating Ability**: The average inventory turnover was 6.27 times, and the average current asset turnover was 2.45 times, with year - on - year increases of 0.28 and 0.17 times respectively, indicating improved payment collection and capital return efficiency [4][27]. - **Solvency**: As of Q3 2025, the average asset - liability ratio was 58.0%, the current ratio was 1.18 times, and the quick ratio was 0.61 times. The EBITDA interest coverage ratio increased significantly, indicating enhanced debt repayment ability [4][33]. 3.3有色金属产业债结构分布及机会挖掘 - **Bond Structure**: As of January 7, 2026, there were 290 non - ferrous metal industrial bonds with a total balance of 290.1 billion yuan. Most of the bonds were issued by state - owned enterprises and had high ratings, and the remaining maturity was mostly less than 3 years [43]. - **Credit Spread**: Since 2025, the credit spread of non - ferrous metal industrial bonds has been narrowing, mainly due to the low - interest - rate environment, sufficient capital, and the improvement of industry fundamentals [51]. - **Coupon Income**: The average static coupon of AA+ and above bonds with a remaining maturity of less than 3 years is less than 2%. Coupon income may need to be explored in the medium - and long - term of high - quality central and state - owned enterprises, such as the 3 - 5Y AA+ bonds with a static coupon of 2.13% as of January 7, 2026 [52]. - **Recommended Bonds**: The report recommends some 3 - 5Y non - ferrous metal industrial bonds issued by central and state - owned enterprises for investors' reference [58][59].

Core Viewpoint - The report from Changjiang Securities indicates that Xiamen Tungsten's net profit attributable to shareholders for the first three quarters reached 552 million yuan, representing a year-on-year increase of 41.54%, with Q3 net profit at 217 million yuan, up 61.82% year-on-year [1] Group 1: Financial Performance - Xiamen Tungsten achieved a net profit of 552 million yuan in the first three quarters, marking a 41.54% increase year-on-year [1] - In Q3 alone, the company reported a net profit of 217 million yuan, reflecting a significant year-on-year growth of 61.82% [1] Group 2: Market and Product Outlook - The sales volume of lithium cobalt oxide is expected to continue increasing quarter-on-quarter, driven by seasonal demand factors [1] - The overall performance of cathode materials for power batteries remains robust, supported by strong downstream demand [1] Group 3: Business Strategy and Developments - The company is focusing on high-nickel cathode materials and electrolyte materials, with successful mass supply of oxide route cathode materials [1] - Progress in multiple batches of verification for sulfide route materials is positive, indicating a strong development pipeline [1] - The gas-phase lithium sulfide method offers both cost and performance advantages, with samples performing well in client tests [1] Group 4: Profitability and Future Projections - The rise in cobalt prices is expected to further enhance profitability through inventory benefits [1] - The company is projected to achieve a net profit of 1 billion yuan by 2026, continuing to receive recommendations for investment [1]